ICC on a sticky wicket as JioStar seeks to exit deal

[Suhaan]

ICC on a sticky wicket as JioStar seeks to exit deal

 

https://m.economictimes.com/industry/media/entertainment/media/icc-media-rights-in-jeopardy-after-jiostar-pulls-out/articleshow/125820558.cms

[RajBan]

This is bound to happen.

[Tillu]

MUMBAI: The International Cricket Council (ICC) faces a major challenge ahead of the ICC Men’s T20 World Cup 2026 in the country, as Reliance Industries–controlled JioStar has formally told the sport’s governing body it cannot service the remaining two years of its four-year India media-rights deal because of deep financial losses, multiple people familiar with the development told ET.

The ICC has begun a fresh sale process for India media rights for 2026–29 and is seeking about $2.4 billion, said the people cited above. The ICC’s media rights for the 2024–27 cycle were valued at $3 billion, with one major men’s event scheduled each year.

With JioStar signalling it would withdraw from a deal that contractually runs through 2027, the ICC has approached Sony Pictures Networks India (SPNI), Netflix and Amazon Prime Video to take over the rights, they said.

 

So far, none of the platforms has shown substantive interest because of pricing concerns, leaving the ICC without a clear path forward, according to executives familiar with the discussions.

Email queries to the ICC, SPNI, Netflix and Amazon Prime Video remained unanswered until the publication of this report, while JioStar declined to comment.
 

 

JioStar more than doubled its provisions for expected losses on onerous sports contracts in 2024-25 to Rs 25,760 crore, up from Rs 12,319 crore a year earlier.

 

The rise, disclosed in the company’s audited standalone financials, reflects pressure from long-term sports and content rights that are expected to generate less than their execution costs.

Star India, before its merger with Viacom18, reported a standalone net loss of Rs 12,548 crore for the year ended March 31, 2024, driven largely by a Rs 12,319-crore provision for an onerous contract linked to its ICC media-rights deal, according to a regulatory filing.

The ICC, however, posted a $474-million surplus in 2024, underscoring cricket’s strong economics, even as JioStar absorbs steep losses.

 

Financial Nerve Centre
India accounts for nearly 80% of ICC revenue, highlighting both its dominance and the sport’s dependence on a single market.

Industry trackers said the asking price remains steep even for established players such as SPNI. It has maintained a conservative approach to cricket despite holding sizable international rights, including the Asian Cricket Council at $170 million, New Zealand Cricket at $100 million and the England and Wales Cricket Board at more than $200 million.

Such is the pressure on India’s sports media landscape that SPNI earlier this year sub-licensed the India–England bilateral series’ digital rights to JioStar to reduce its financial risk.

JioStar’s strain has intensified after the ban on real-money gaming, which had become the single largest advertiser for cricket.

Industry executives said that although traditional brands have returned, no segment can fill the roughly $840 million (Rs 7,000 crore) gap left by real-money gaming and fantasy platforms like Dream11 and My11Circle.

Netflix has stayed away from cricket in India, focusing instead on premium entertainment programming and is in the early stages of testing sports-entertainment properties such as WWE, which it inherited as part of a $5-billion global deal.

Prime Video’s involvement with cricket also remains limited.

Its New Zealand Cricket partnership for India ends early next year and it holds ICC rights in Australia until 2027.

Globally, streaming platforms are investing more in live sports to counter slowing subscription growth.

Business Case

But with rights costs rising sharply, especially for leagues such as the NBA, NFL and MLB, they remain selective, favouring properties that offer a clearer returns visibility rather than bidding broadly for every marquee package.

Even if the ICC is ultimately unable to find a new broadcaster, JioStar will remain obligated to fulfil the contract until 2027.

However, the current sales process for fresh media rights underscores the correction underway in the sports media landscape. The International Olympic Committee and FIFA, too, are finding it difficult to command the valuations they expect in India.

Executives said several factors are making potential bidders cautious. Monetisation of bilateral and multilateral cricket remains limited amid subdued advertising demand and continued pressure on linear TV profitability from a shrinking pay base and weak ad volumes and pricing.

With linear profits under strain and streaming still loss-making, broadcasters are reluctant to take on large sports commitments in the future.

At the same time, the merger of Star India and Viacom18 into JioStar has created a virtual duopoly in sports broadcasting, leaving only JioStar and SPNI as serious contenders and narrowing options for rights holders such as the ICC.

That said, cricket continues to function as one of the few proven mass-scale audience drivers in India, making it a strategic asset that broadcasters and streamers are reluctant to forgo despite escalating costs.

JioStar inherited the $3 billion ICC India rights from Disney’s Star India, which later merged with Viacom18. Together, Star and Viacom18 had committed more than $10 billion to cricket, making India the world’s most expensive market for the sport.

From the outset, several senior executives regarded the $3 billion ICC rights valuation as anomalous and materially disconnected from prevailing market benchmarks. SPNI had bid about $1.4 billion for the combined TV and digital rights, while Viacom18 was understood to have bid around $1 billion. For the previous eight-year cycle ending 2023, Star had paid close to $2 billion.

JioStar’s burden increased further after Zee Entertainment backed out of its commitment to take the ICC TV rights for roughly $1.5 billion when the proposed Zee SPNI merger collapsed. This prompted JioStar to initiate arbitration against Zee at the London International Arbitration Centre, with damages claimed at close to $1 billion, according to regulatory filings.

Rising dollar rates and rupee depreciation have added to the pressure because ICC payments are dollar denominated. Executives said JioStar’s effective burden has already risen to about $3.3 billion as the dollar has crossed Rs 90.

Data published by Ampere Analysis in November shows global spending on sports rights is projected to exceed $78 billion by 2030, up roughly 20% from 2025. Asian spending is expected to rise from $7.2 billion in 2025 to $9.9 billion by 2030, with Indian cricket as a major driver. Renewals for the Indian Premier League and ICC tournaments, including the T20 World Cup, are expected to test valuations again after 2027, it stated.

[rkt.india]

ICC has become too greedy, killing the game.

[Tillu]

It is due to the banning of the betting apps like Dream11 and sudden depreciation of the Indian Rupee.

[Forever Indian]

2 hours ago, Tillu said:

the ICC has approached Sony Pictures Networks India (SPNI), Netflix and Amazon Prime Video to take over the rights

 

Lol, how much are Netflix and Amazon Prime going to quote with just an online offering? Seems like Sony can name their price and get the contract...

[LordPrabhzy]

1 hour ago, Tillu said:

It is due to the banning of the betting apps like Dream11 and sudden depreciation of the Indian Rupee.

If TV revenue for a sport cannot come without gamblers then its inflated and fake market size that ICC relies on to price the rights.

 

Overinflated costs due to greed by ICC to milk the indian market

[figo6762]

Good … stop the wealth transfer.. the lemon cannot be squeezed any further .. just focus on ipl .. 

Edited December 8, 2025 by figo6762

[Trichromatic]

JioHotstar will get it again. ICC allows rebidding and JioHotstar is trying to reduce their costs with this tactic.

[putrevus]

Like it or not Broadcast revenues in every sport have increased with these gambling websites.

 

NFL even releases mandatory injury reports so people can make their bets.Same with all other major sports.I don't follow Soccer anymore but I think they also have some gambling options for Fans.

 

I cannot blame Indian govt either. ICC is just leeching on Indian money. IPL Broadcast revenues will also go down.

Edited December 8, 2025 by putrevus

[tapandrun]

7 hours ago, Tillu said:

It is due to the banning of the betting apps like Dream11 and sudden depreciation of the Indian Rupee.

No, there have been report that Star was going to re-negotiate the contract again, it was way over priced.

They are just trying to re-negotiate (v.common practice)

 

this got more traction after the T20i wc.  Betting app are ban in Ind not world over. Do not think dream11 was sponsor for the icc (can be wrong here), but dream 11 ban impacts Ind cricket more than anyone and the other leagues.

 

other leagues/boards have their own sponsors like dafa, 1xbet

 

 

The issue is broadcaster is not sure when this pak-ind issue comes-up and all the blame is shifted to broadcaster , and sponsors starts pulling out.

 

Asia cup ans emerging asia cup was a confidence building measure to show the bcci and pcb still have some working mechanism that a match will go on with few gimmicks around. 

Edited December 8, 2025 by tapandrun

[Soorma Bhopali]

17 hours ago, LordPrabhzy said:

If TV revenue for a sport cannot come without gamblers then its inflated and fake market size that ICC relies on to price the rights.

 

Overinflated costs due to greed by ICC to milk the indian market

World cup used to be 4- year cycle. The double whammy of "Skill-based App" ban /Gambling app  ban, increased ICC tournaments almost every year and failed Star+Zee partnership for these rights  means this was bound to happen . Jiostar is also culpable. of not doing their due diligence and bidding aggressively to get the ICC rights. 

 

ICC will be lucky to get even $2 billion compared to $3 billion they got as Jiocinema and Star merger and Sony have almost a duopoly on cricket rights. Zee is in financial distress and expected to stay out of the bidding. Only Netflix , Facebook and Amazon may  have some financial muscle to make bidding interesting if they enter. 

[New guy]

21 hours ago, LordPrabhzy said:

If TV revenue for a sport cannot come without gamblers then its inflated and fake market size that ICC relies on to price the rights.

 

Overinflated costs due to greed by ICC to milk the indian market

Calling some online games gambling is moral policing and the country is going backwards everyday because of moral policing in all areas. Adults are literally treated like kids

Edited December 9, 2025 by New guy

[rkt.india]

23 hours ago, LordPrabhzy said:

If TV revenue for a sport cannot come without gamblers then its inflated and fake market size that ICC relies on to price the rights.

 

Overinflated costs due to greed by ICC to milk the indian market

The problem is not with ICC but with Disney star which had bid more than double the second best bidder that was Sony, 3.1 billion dollars to 1.4 billion. While Jio bid was 1 billion dollars which was third. That's why now Jio Star is retracting.

[LordPrabhzy]

4 hours ago, New guy said:

Calling some online games gambling is moral policing and the country is going backwards everyday because of moral policing in all areas. Adults are literally treated like kids

Im not moral policing, like the developed world there is space for a legal activity around controlled betting on sports; for eg UK has bet365 which people can legally bet on live sport.

 

The problem in India is that the obsession with these games ( which cost money to play so semantics wise it is some sort of gambling) and an ICC event EVERY year meant these users were driving the viewership numbers which allowed Jio to over bid, now that this online gaming/gambling is gone, the viewership numbers have gone down too which ties back to my original point is that these viewers aren't genuine cricket fans- and the TV rights in UK  like Sky Sports don't take into account betting viewers just general viewership they have to bid for rights. ICC needs to reign in the costs its tying to get broadcasters to pay, not have a ICC event every year

[Gollum]

4 hours ago, New guy said:

Calling some online games gambling is moral policing and the country is going backwards everyday because of moral policing in all areas. Adults are literally treated like kids

Supreme Court once again screwing Indian cricket. First it was that CAC chwtiyapa which surrendered all our ICC boardroom advantage, perfect gift for Shashank Manohar who used to head ICC that time. Then this Dream XI ban. Instead of fast tracking the ten million genuine cases languishing in court rooms for the last 40 years, these milords want to run the country. 

[kosingh]

This kind of **** is happening globally in sports. US, Europe, India. 

 

Greed killing sports.

[Chaos]

I guess me and chotu shah need to have with streamers and icc itself.